Continuing with the previous post titled Entrepreneurs on Annual Revenue Goals, the clear next step is talking about controlling your own destiny. For almost all entrepreneurs, one of the biggest milestones on the startup roller coaster is achieving entrepreneurial freedom: financial break even in the business while also paying a salary that covers personal expenses and obligations. With a self-sustaining business and a self-sustaining personal lifestyle, stress and financial pressures are relieved.
Here are a few thoughts on getting to entrepreneurial freedom:
- Keep the team lean and focus on customer acquisition (see Simplifying it Down to Selling or Building)
- Remember to keep the seed round small to minimize dilution and maximize ownership (see Death to the $700k Seed Round)
- Ignore the desire to raise VC money for idea validation and instead build a great business that can raise money on its own terms (or never raise money)
- Never forget the four stages of a B2B startup (e.g. don’t start investing in one stage when the previous stage isn’t fully developed)
Whether bootstrapping the business or enlisting the help of investors, one of the most liberating moments is growing the business to the point that it can exist indefinitely on its own. While not easy, achieving entrepreneurial freedom is well worth the challenge.
What else? What are some other thoughts on getting to entrepreneurial freedom?